Pacific Premier Bank is offering a 2.55% APY FDIC insured CD with a 24 month (2-year) term. According to their web site:

Pacific Premier Bank is a state-chartered commercial bank headquartered in Costa Mesa, California. We serve businesses from six locations throughout Southern California including six depository branches in Costa Mesa, Huntington Beach, Los Alamitos, Newport Beach, San Bernardino, and Seal Beach as well as an SBA loan production office in Costa Mesa. Through our branches and our web site we offer a full complement of deposit and loan products and services for commercial businesses, non-profit organizations, and consumers. We offer our customers an alternative to the impersonal service experienced at the large regional and national banks.

For more rates and terms for Pacific Premier Bank certificates of deposit plus contact information, see Pacific Premier Bank

Thursday, August 27, 2009

Today the FDIC reported the number of "insured institutions" (banks) that are on their "Problem List" as of the end of June 2009 grew 36% to 416. This is the highest number in 15 years. On March 31, 2009 there were only 305 insured institutions on the list.

Total assets of "problem" institutions increased during the quarter from $220.0 billion to $299.8 billion, the highest level since December 31, 1993.

Total reserves of the Deposit Insurance Fund (DIF) stood at $42 billion.

The contingent loss reserve, which totaled $28.5 billion on March 31, rose to $32.0 billion as of June 30, reflecting higher actual and anticipated losses from failed institutions.

Additions to the contingent loss reserve during the second quarter caused the fund balance to decline from $13.0 billion to $10.4 billion.

Combined, the total reserves of the DIF equaled $42.4 billion at the end of the quarter.

FDIC hairman Sheila Bair had some words of optimism in the press release:

"While challenges remain, evidence is building that the U.S. economy is starting to grow again."

"The banking industry, too, can look forward to better times ahead."

"But, for now, the difficult and necessary process of recognizing loan losses and cleaning up balance sheets continues to be reflected in the industry's bottom line."

"The FDIC was created specifically for times such as these. No matter how challenging the environment, the FDIC has ample resources to continue protecting depositors as we have for the last 75 years. No insured depositor has ever lost a penny of insured deposits...and no one ever will."

Monday, August 17, 2009

Applicant must be a citizen or resident alien of the United States (U.S.) who is at least 18 years old with a valid U.S. taxpayer identification number.

CDs renew automatically at maturity for the same term you initially selected. In addition, the amount you have on deposit will receive the rate in effect at the time your CD matures. If you don't want to renew, you have a 7-calendar day grace period to let Citibank know online, by phone or in writing.

All accounts subject to approval.

1-YR 2.00% CD

The Sunday August 16, 2009 San Jose Mercury news has an advertisement from Citibank for a 2.00% APY 1-yr CD with a 1,000 minimum. The ad says to call or contact a local branch for that rate. Their "default rate" for a 1-yr CD is only 1.50% APY so you will probably have to ask to get 2.00%.

For more rates and terms for Citibank certificates of deposit plus contact information, see Citibank.

With rates so low, banks will try to sell you their annuity products. Make sure you read our article: Beware of AnnuitiesThe table below shows the best CD rates for other terms. If that table is hard to read, then try Very Best CD Rates.